College Money and Budgeting

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Living on a budget is the norm in the dorm in college. Pizza is a common meal and work-study often pays the bills. Part time jobs are also common place for most of today’s college students. Tempting credit card offers are all over the place at school, even with credit card marketers on campus giving out freebies to students who simply apply for their credit card. The problem with this is that every time you fill out a credit applications, it goes against your credit report as an inquiry. Several credit inquiries does not look good in the eyes of creditors. It does not have to be a catch 22. At some point students decide to take the next financial step and apply for a credit card or a private student loan.

A wise way to approach applying for credit is to do it at your own pace, when you are ready and educated abot what you’re getting in to. This is where creating a budget comes in to play. The goal is to create a budget and to stick to it. Those who are employed know how much money they have coming in and how much is going out. Some simple steps to consider include:
1. Learn the basics of credit, including terms and definitions and create a budget.
2. Browse different credit offers and choose the one that meets your individual needs.
3. Apply at your own pace, when you are ready. Not when being pressured with freebie giveaways.
4. Conserve paper and apply online.
5. If you are not approved, do not keep applying until you get approved as you could end up with a credit record of multiple credit inquiries without an approval.
6. If you are approved, STICK TO YOUR BUDGET.

Credit is a powerful tool that can be positive and helpful if applied for and utilized properly.

Student credit cards.com @ October 23, 2007